The long-awaited new standard on leases has finally been issued. On February 25, 2016, ASU 2016-02 Leases (Topic 842) was issued. Lessees will see the most significant changes as they will need to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than those who meet the definition of a short-term lease.) For private companies, the standard will take effect for fiscal years beginning after December 15, 2019. Subsequent posts will address the details of the new standard so you can prepare.